The Federal Government will give $25k to owner-occupiers for certain works on Australians' homes, in an attempt to boost industry between now and the end of the year.
1. The scheme will give $25,000 grants to eligible homeowners, but recipients will need to spend at least $150,000 of their own money.
2. New building projects will be capped at $750,000, however, renovations can cost anywhere between $150K and $750K, but will only be subsidised when the house is valued at less than $1.5 million.
3. Those owners who intend on building or renovating on their own without the help of builders or investment properties are not applicable for this scheme.
4. Plus that all eligible builders must be licensed or registered before the date of Government's announcement, the timeframe for the scheme is six months.
5. But eligibility for the Government's program, which it has dubbed "HomeBuilder", will be restricted to substantial renovations and the construction of new homes, with recipients required to spend at least $150,000 before being eligible.
6. This grants will exclude couples who making more than $200K per year and those individuals who making more than $125K per year, at the meantime, limits will also be placed on the estimated value of the properties the grants are going towards.
7. The grant cannot be used for additions to the property that are not connected to the home, such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
8. The grant will be offered for contracts entered into between 4 June 2020 and 31 December 2020. To be eligible, renovations or constructions must be contracted to begin within 3-month of the contract date. If you have any concerns please call us on 0423 262 188 for free advice.